x

Unknown whale investor secretely moves N216trn worth of Bitcoin

An unknown whale investor secretly moves $432million worth of Bitcoin in block 716,573 some hours ago, at a time when Bitcoin is trading at $47K.

Once again, the pioneering crypto has been dominated by large entities, with increasing volatility due to price uncertainty.

According to Nairametrics, using Bitcoin Block Bot, an advanced analytical tracker, we can see that a whale suddenly moved $432 worth of Bitcoin in block 716,573 some hours ago, at a time when Bitcoin is trading at $47K.

Whale investors (those who own $10 million or more in BTC) usually send cryptocurrency from exchanges when they plan to hold the cryptocurrency for an extended period of time.

The online Newspaper also reported that

It’s unlikely that this Bitcoin whale is looking for liquidity since this transaction was not sent to an exchange. Rather, they might be transferring this to another wallet for security reasons.

The risk of theft is higher when storing large amounts of money on exchanges, as exchange wallets are the most popular targets for cryptocurrency thieves.

Thus, as these entities accumulate Bitcoin, its circulating supply is reduced, which pushes its price arbitrarily north.

With its current demand factored in, it is possible for BTC’s price to increase as its supply approaches 21 million in the future. It isn’t faring as poorly as it did during past drawdowns, but Bitcoin’s gains for 2021 remain impressive. In comparison to other swoons, it’s experienced, its 30% drop isn’t as dramatic.

At its low, Bitcoin was down more than 50% in mid-2021, which is even worse than the average decline from a record.

In a classic case of “crypto-to-the-moon” thinking, many investors expect prices to recover and eventually reach new heights in the future. Market volatility suggests this could happen either way.

Hot this week

BREAKING:** Nnamdi Kanu’s Lawyers Quit Terrorism Case

Lead counsel and former Attorney-General of the Federation, Kanu...

Outcry as WhatsApp Bans Nigerian Journalist’s MTN Line Without Warning or Clear Reason

By Achadu Gabriel, KadunaThere has been widespread outrage following...

Chief Kefas Ropshik Felicitates Former Head of State, General Yakubu Gowon, at 91*

The Chairman and Chief Executive Officer of Kefiano Group...

NOA: Value of Vision

By Tolu MedunaOn 3rd November 2023, during a Strategic...

INSPIRATION:Take a Break — Find Clarity in Stillness

By Mary EwaSometimes, life feels like a race with...

FCT Fights Non- Compliance of Vaccination of Children

... Targets 2. 6 M children in FCT...

Issa- Onilu’s digital drive in NOA

By Paul OdenyiAs Mallam Lanre Issa-Onilu marks two years...

NOA: Value of Vision

By Tolu MedunaOn 3rd November 2023, during a Strategic...

Ibom Air signs N200M sponsorship deal with Akwa United FC

By Ogenyi Ogenyi,UyoIbom Air and 2021 Nigeria Premier Football...

The Conflict in Dr Congo and It’s Impacts on the Great Lakes Region

By Babade Victor Temijope The renewed wave of violence...

Gov Alia Dissolves Lobi Stars FC Board, Management to Reposition Club for Better Performance

By Isaac Kertyo, MakurdiBenue State Governor, Rev. Fr. Hyacinth...

INSPIRATION:Building a Reliable Humanity: Where Peace and Growth Reign

With Mary EwaLife will always remain a venture—an unfolding...

Related Articles

Popular Categories

spot_imgspot_img